Real estate appraiser duties

[Michael Alegria]

I am in the process of a mortgage refinance.

The refinance mortgage amount is $100,000. The appraisal amount is $245,000. I paid $700 for the appraisal.

. The appraisal was “subject to” installation of water heater earthquake straps

. The lender would not proceed with the loan until the straps were installed.

I did not understand why the lender would hold up this loan for that minor issue which is of no consequence to the value of the property.

My research indicates that minor code issues are beyond the purview of an appraiser.

The lender is assessing a $200 fee for a final inspection of the water heater.

Given the history of abuses by mortgage lenders, I am evaluating my options and considering a complaint against the appraiser and the mortgage lender.

I would appreciate any thoughts regarding this issue.

[Afam Agbodike]

I'm in CA, so I can't speak for NV, but it is pretty standard for lenders to require certain things be finished before closing a loan, and water heater strapping is one of them. It doesn't really have anything to do with value, but risk to the lender. If a water heater falls, it can cause serious injury or death, and can also cause lots of damage to the property, so the lender wants to minimize their risk. If you paid for the water heater to be strapped you can potential show the receipt for the work, or talk to your agent to see if the fee can be waived, but you might just have to take the hit.